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EXHIBIT 10.33
THE MUTUAL LIFE INSURANCE COMPANY OF NEW YORK
EQUITY SHARE PLAN DEFERRED COMPENSATION AGREEMENT
This agreement made this _____ day of ____, 19___, by and between The Mutual
Life Insurance Company of New York ("MONY") and _______________________ (the
"Employee").
The parties hereto, do agree as follows:
1 Deferral of Payment
MONY has established a Deferred Compensation Plan for payments made
under the Mutual of New York 1988 Equity Share Plan, as amended January 1, 1989,
hereinafter referred to as the "Plan."
Beginning ________, 19___, and thereafter for all future payments under the Plan
until the Employee provides MONY with written notice in advance of the calendar
year in which a payment is to be made to discontinue the deferral of future
compensation hereunder, ___% of any payment amount shall be deferred and
credited in accordance with paragraph 2 below. In no event shall the total
amount deferred exceed 33-1/3% of total payment.
The Employee cannot elect to change the amount they wish to have deferred
anytime during the calendar year. Any notice of discontinuance shall not be
effective unless given on forms provided by MONY.
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2. Employee's Account: Credits and Interest
(a) An unfunded Deferred Compensation account or accounts (hereinafter
referred to as the "Account") will be established by MONY for the Employee. This
is a bookkeeping account only. The only obligation of MONY with respect to the
account will be to make the payment provided for under this Agreement when and
as they become payable pursuant to the terms hereof, and that any amount
credited to such an account will be solely for record-keeping purposes and shall
not be considered to be held in trust or in escrow.
(b) MONY will credit to the Account an amount equal to the percent of
payments that is deferred as specified in paragraph 1.
(c) MONY shall credit or debit each Employee's Account with an interest
rate equivalent to the gains/losses, and expenses, if any, which would have
accrued had the dollar amount of such credits been invested in the funds then
available under the Investment Plan for Employees in accordance with the
Employee's credit allocation election at the time such debit or credit is made.
This mirroring of funds represents a hypothetical investment only in order to
determine the amount to be paid at the payment date. The Employee does not have
any rights in any investments MONY might make in order to provide funds from
which MONY may make deferred compensation payments.
MONY is not required to make any investments on the Employees behalf to provide
funds from which MONY may make Plan payments.
The Employee has the right to request both transfers of credits or credit
allocation changes up to 12 times each calendar year. MONY reserves the right to
change the
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manner of crediting interest or any other returns for all future credits. MONY
also has the right to limit the credits that can be subject to this election.
3. Payments from the Account
(a) The Company will pay the amounts payable under the Plan commencing
on the first day of the month following the occurrence of one of the events
indicated below and in the manner prescribed therein (initial one) or the
Employee becoming eligible for Long-Term Disability Benefits under MONY's
Security Plan for Employees.
_______ (i) to Employee in ______ approximately equal monthly installments
beginning within 30 days after the earlier of (i) retirement or other
termination of employment, or (ii) attainment of age 65.
_______ (b) to Employee in ______ approximately equal monthly installments
beginning within 30 days after the later of (i) retirement or other termination
of employment, or (ii) attainment of age 65.
_______ (c) to Employee in ______ approximately equal monthly installments
beginning (month/year) __________.
_______ (d) to Employee in a lump sum (month/year) __________.
(b) Credits can be withdrawn on a hardship basis as prescribed in the
IRS Regulations pertaining to Section 457 of the Internal Revenue Code. To
qualify, the Employee (or his/her eligible dependent[s]) must be faced with an
unforeseeable emergency, such as a severe financial hardship caused by a sudden
and unexpected illness or accident; a loss of the Employee's property due to
casualty; or other similar
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extraordinary and unforeseeable circumstances caused by events beyond the
control of the Employee. In any case, payment may not be made in the event that
such hardship is or may be relieved through reimbursement or compensation by
insurance or otherwise; or by liquidation of the Employee's assets, to the
extent that liquidation of such assets would not itself cause severe financial
hardship.
The withdrawal request cannot exceed the amount needed to satisfy the hardship
(including any applicable taxes on the withdrawal) and the hardship must not be
able to be satisfied from any other reasonably available sources. The Employee
must provide MONY, in care of Corporate Compensation, with acceptable
documentation of the financial hardship.
4. Designation of Beneficiary
The beneficiary may be designated or changed by the Employee, without
the consent of any former beneficiary, on the form provided by the Company and
received by Corporate Compensation before his or her death. If no such
designation is in effect at the time any benefit is payable, the benefit shall
be paid to the Employee's estate. Such designation and any subsequent change(s)
shall take effect as of the date the completed form is received and accepted by
Corporate Compensation, and shall be subject to any payment made by MONY or
action taken by MONY before receipt of the form.
Employee hereby designates as his/her beneficiary the following:
Name:________________________________________________
________________________________________________
________________________________________________
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Address:_____________________________________________
________________________________________________
________________________________________________
The designation is:
_______ a) revocable
_______ b) irrevocable
(i) If, when the Employee dies, installment payments have already begun, the
remaining account balance should:
_______ (a) continue to be paid in monthly installments to the beneficiary, or
_______ (b) be paid as a lump sum to the beneficiary.
(ii) If, when the Employee dies, payments have not yet begun, payments should
be:
_______ (a) paid in monthly installments to the beneficiary, or
_______ (b) paid as a lump sum tot he beneficiary.
5. Benefits May Not be Assigned or Attached
No credit or benefit hereunder may be assigned, transferred or subject
to alienation, surrender or anticipation, or subject to the debts of any person
or to legal process, except as may otherwise be provided by law.
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6. No Obligations to Continue Employment
It is understood and agreed that nothing contained in this Agreement
shall in any way obligate MONY to retain the Employee's employment for any
period of time, nor in any way affect MONY's rights to change at any time the
Employee's compensation, the method or conditions for payment thereof, or any
other aspect of the Employee's contractual relationship with MONY.
7. Duration of Agreement
This Agreement shall remain effective and continue in force until such
time as the Agreement is amended or terminated by the parties hereto.
8. Relation to Other Plans
This Agreement shall not be deemed to supersede the terms or provisions
of any other plan or agreement relating to deferred compensation in effect on or
before the date of this Agreement.
9. No Additional Tax Liability to MONY
If, as result of receiving benefits from this Plan, any person is
subject to a higher rate or different form of taxation than would have been the
case had the Employee elected not to participate, MONY shall in no way be liable
for any portion of the additional tax burden, and such person shall have no
recourse whatsoever against MONY.
10. Interpretation of Plan
MONY shall have the exclusive right to interpret the Plan and to decide
any matters arising hereunder in the administration of the Plan.
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11. Governing Law
This Agreement and the Plan shall be construed, enforced and
administered according to the laws of the State of New York and any federal law
or regulation governing the provision or administration of this Plan. In case
any provision of this Agreement or the Plan shall be held illegal, this
Agreement and the Plan shall be construed and enforced as if such illegal or
invalid provision had not been included therein.
12. Amendment and Termination
MONY reserves the right, at any time and from time to time, to amend or
terminate this Plan in whole or in part subject to the approval of the
Superintendent of Insurance of the State of New York, if required. No such
amendment or termination will reduce any benefits or credits under this Plan as
in effect on the date before the effective date of such Plan amendment or
termination.
In witness whereof the parties hereto have duly executed this Agreement
as of the day and year first above written.
THE MUTUAL LIFE INSURANCE COMPANY OF NEW YORK
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(RECEIVED AND RECORDED BY)
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(EMPLOYEE)
